DUBLIN, June 9, 2023 /PRNewswire/ — The “Global Location-based Entertainment (LBE) Market by Technology (Virtual Reality (VR), Augmented Reality (AR), Projection Mapping), Offering (Hardware, Software, Services), Venue (Amusement Parks, Theme Parks, Arcades) and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global location based entertainment market is projected to grow from USD 3.5 billion in 2023 to USD 11.8 billion by 2028, at a CAGR of 27.3% during the forecast period.
As technology becomes more accessible and affordable, the barriers to entry for location based entertainment decrease. This allows more venues and establishments to incorporate immersive experiences into their offerings, making it accessible to a wider audience and being a driving factor to the growth of the market.
By professional services, the training and deployment segment to hold the largest market size during the forecast period
Training and deployment services are crucial for location based entertainment operators to ensure that their employees are well-equipped to provide visitors with high-quality experiences. These services include staff training, deployment planning, and equipment setup, which help ensure that location based entertainment experiences are deployed efficiently and effectively, minimizing downtime and maximizing visitor satisfaction.
Staff training ensures that employees are knowledgeable and skilled in delivering exceptional customer experiences. Deployment planning helps location based entertainment operators plan and execute the deployment of their experiences, and equipment setup ensures that location based entertainment experiences are running correctly and that any issues are resolved quickly. Overall, these services are essential in delivering outstanding location based entertainment experiences.
Based on services, the managed services segment is expected to grow with the highest CAGR during the forecast period
Managed services are considered crucial, as they are directly related to customer experience. These services help sustain their positions in the market. Managed services are an important aspect of location based entertainment that involve outsourcing the management of technology, systems, and operations to a third-party provider.
These services include infrastructure management, content management, and operational management, which ensure that location based entertainment experiences have high-quality content, run smoothly, and meet visitor expectations. Managed services allow location based entertainment operators to focus on delivering excellent experiences while leaving the management to experts.
Based on region, Asia-Pacific is expected to grow with the highest CAGR during the forecast period
The Asia-Pacific region Asia-Pacific has witnessed progressive and dynamic adoption of new and emerging technologies in the location based entertainment market. The location-based entertainment market in Asia-Pacific is a growing industry with a wide range of opportunities for international and regional players due to driving factors of the market such as growth of urbanization and their demand for entertainment activities and willingness to spend more money on leisure, entertainment and unique experiences than ever before.
However, challenges such as high costs, safety concerns, and seasonality may affect the growth of the market. Overall, consumer electronics, retail, BFSI, healthcare, transportation, and sports and entertainment industries are expected to contribute substantially to the growth of the location based entertainment market in the region.
Advancements in Vr Gaming with Location-based EntertainmentAdvancements in Vr and Ar TechnologiesIntegration of Artificial Intelligence (AI) and Machine Learning (ML) TechnologiesRising Demand for Social and Shared Experiences
Limited Scalability of Location-based Entertainment BusinessHigh Upfront Cost
Increase in Live Events and PerformancesRising Popularity of Wearables Such as Fitness Trackers and Smartwatches
Regulatory Requirements at Local, State, and Federal LevelsRapid Pace of Technological ChangeCumulative Growth Analysis
4ExperienceAtlantis AquariumBarco Electronic SystemsCamonDreamtraceFennec LabsGoogleHologateHQ SoftwareHTC ViveHuawei TechnologiesKatvrMagic LeapMetaMicrosoftMiraj GroupNiantic Inc.NvidiaOcean LabsOptitrackPanasonicPicoSamsungShape ImmersiveSony Interactive EntertainmentSpawnpointSpringboardvrUltraleapUnity TechnologiesVicon Motion SystemsVirtuix
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SOURCE Research and Markets